Bitcoin hasn’t done well in the past two days; since hitting $9,200 on Saturday, the cryptocurrency has plunged as low as $7,600, more than 17% lower than the weekend high, in a move that has liquidated over $200 million worth of BitMEX long positions in the process.
The move undoubtedly caught traders off guard, hence the massive amount of liquidations. But, there are some weighing in on what crashed Bitcoin.
Bitcoin’s Drop May Be Hedge Funds
According to Raoul Pal — CEO of finance media startup Real Vision, former Europe hedge fund sales lead at Goldman Sachs, and a long-time Bitcoin adopter (since 2013) — BTC’s weakness may be related to hedge funds. He explained in a tweet published on Monday:
“It feels like any hedge fund that was long bitcoin is having to liquidate. VAR takes no prisoners. (For those new to VAR it is the measure of risk in a portfolio and is connected to volatility, so as vol goes up of all assets, they have to reduce risk).”
It feels like any hedge fund that was long bitcoin is having to liquidate. VAR takes no prisoners. (For those new to VAR it is the measure of risk in a portfolio and is connected to volatility, so as vol goes up of all assets, they have to reduce risk). $BTC #Bitcoin
— Raoul Pal (@RaoulGMI) March 9, 2020
Indeed, BTC’s volatility, per data from Skew, has spiked over the past few days as the market has trended lower, likely shifting allocations.
While Pal sees weakness due to the hedge fund narrative, he did remark that Bitcoin’s drop is a “buying opportunity,” adding that the current situation in the fiat markets is “accelerating the need for a new financial system over time. We know where this is leading to – the digital revolution.”
There Are Other Crypto Catalysts
Although this move may partially be hedge funds deleveraging their portfolios, there are other potential catalysts sending Bitcoin lower, as shared by prominent crypto analyst Jacob Canfield.
The COVID-19 outbreak: after an extremely strong rally over the past few months, markets across the board, from American stocks (Dow Jones, S&P 500, etc.) to crypto-assets, were dealt serious blows over the past few weeks. Although some have said that the collapse in the price of Bitcoin is not correlated with the sell-off in other markets, analysts have observed an absence of volume in mainstream crypto markets since the outbreak started. This suggests there is a strong absence of liquidity, increasing the chances of a crash like the one we just saw occurring.
Bitcoin miners are hoarding coins: Charlie Morris, founder of a crypto analytics platform, ByteTree, recently suggested that miners hoarding BTC has historically coincided “with negative returns and reflects a weaker market bid.”
PlusToken scam moves coins again: Bitcoin blockchain researcher Ergo found that the wallets of PlusToken — the multi-billion-dollar crypto scam that last year folded and purportedly caused the mini bear market — deposited 13,000 BTC (worth over $100 million) into privacy mixers earlier this week. The scammers previously did this prior to sending the mixed funds to exchanges, which were then presumably sold for fiat or a fiat equivalent.
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As Bitcoin trades at $9,160, gradually recovering its losses after it fell from under the $10,000 level, analysts are sharing where the price may head next
Bitcoin declined more than $1,500 in the past few days against the US Dollar. BTC is now facing a drop to $8,200 or $8,000 before a strong upward move in the coming days. After forming a short term top, bitcoin price dived below $9,000 and $8,800.
Key resistance levels have been broken by Ethereum over the past few hours and they could catalyze markets into bigger move according to a leading industry figure. Ethereum Breaks Barrier ETH prices have reached a level not seen since late September 2019.
New York-based Ethereum blockchain development firm ConsenSys has announced a 14 percent reduction of its workforce. The layoff is a part of the firm’s strategic move to separate its software development division from its venture investment arm and secure $200 million in funding from outside investors.
Bitcoin's performance in January 2020 turned a lot of heads in the industry. However, wherever there is talk of a spike in price movement anywhere in the digital assets industry, there is also talk ofThe post Bitcoin's move above 200 MA may be key bullish sign appeared first on AMBCrypto.
Ethereum found support near the $158 area and climbed around 5%, just like bitcoin. However, ETH price is facing a strong resistance near $170, above which it could continue higher. After forming a support base near the $158 level, Ethereum recovered above $162 against the US Dollar.
Ethereum (ETH) has been closely tracking Bitcoin’s price action over the past couple of weeks, which allowed it to post massive gains throughout the first part of the month, before setting a local top that has been followed by firmly bearish downside.
The BAT price has been decreasing since the beginning of 2020. Once it reached the support area at 2,200 satoshis, it began an upward climb yet again. The upward movement stalled slightly once the price reached 2,700 satoshis and is looking to gear up for another possible upward move.
Blockchain start-up and XRP proponent Ripple says it’s raised a $200 million investment round, lifting its valuation to $10 billion. Despite this move, critics worry whether Ripple and its XRP digital currency have a future in the space when up against CBDCs, stable coins, and XRP’s biggest competitor, Bitcoin.
Late last month, Bitcoin (BTC) caught traders across the industry with their pants down: in a day’s time, the leading cryptocurrency had pumped by 42%, surging from $7,200 to $10,500 in a jaw-dropping, historical move higher.
The Bitcoin price has decreased in order to validate the previous descending resistance line which it broke out of on Oct 25. Once there, it began an upward move. However, the rally stalled at $9,200 and the price has been decreasing since.
The cryptocurrency markets are continuing a diversification trend whereby most altcoins are seeing moderate increases, with several strong outliers. Bitcoin has grown by $200 dollars in a sudden move, continuing to establish a descending triangle pattern on lower time frames.
Yesterday, Bitcoin (BTC) plunged by $300 in literal minutes, falling to as low as $9,200 after consolidating in and around $9,500. There were many saying that this flash crash-esque move validated their bearish analyses, which...
Over the past 30 minutes, Bitcoin (BTC) has plunged by $300 from $9,515 to $9,200. As such, the cryptocurrency is now trading 3% down on the day. While this wasn’t a decisively bearish move in and of itself, a sentiment that “the rally is over” is starting to bubble in trading circles.
Wow. Bitcoin (BTC) has continued to rip higher after the daily close on Friday. As of the time of writing this article, the leading cryptocurrency is trading for $9,200 — up nearly $2,000 since the weekly low at $7,350 established yesterday.
Ouch. Over the past few hours, Bitcoin has finally seen some volatility play out after a multi-week lull, plunging below $7,500 after holding in the low-$8,000s for days on end. Per previous reports from NewsBTC, this move largely caught traders off guard, with there being a massive long liquidation event of over $200 million on.
Bitcoin price has spent another day trading within its range-bound channel at around $8,200. The sideways action has been going on for almost a month now and technical indicators are starting to align with a signal for the next big move.
Bitcoin has spent the past two weeks consolidating just below the 200 day moving average. So far it has managed to cling to support above $8,000 but a big move could be coming soon so which way will it go next? Bitcoin Trading Range Tightens Another day has seen Bitcoin bounce between $8,300 and $8,400.
Ethereum recorded a reasonably significant drop towards the end of last month. However, the token has since recovered considerably well, and was valued at press time at around $190. At the time of writing, ETH had a daily trading volume of over $9.
Bitcoin’s bulls have lost their strength and allowed bears to push the cryptocurrency under its previous key support level at $8,200, which may signal that significantly further losses are imminent in the near-future as BTC slowly creeps back towards its recently established range lows at $7,800.
Bitcoin has further extended its bout of consolidation as it continues trading sideways around the $8,200 level, which appears to be a key support level that BTC’s bulls need to defend in order for the crypto to move higher in the near-term.
ETH price started an upside correction and tested the $185 resistance against the US Dollar. The price is currently correcting lower, but it remains supported near $175 and $172. There is a new connecting bullish trend line forming with support near $171 on the hourly chart of ETH/USD (data feed via Kraken).
A number of analysts have been eyeing the $8,200 per Bitcoin price as an area of resistance. For them, holding above this target is an indication of further upside potential for the price. Two of those digital currency market analysts that have identified the $8,200 price point as important are Twitter users Crypto Welson (@CryptoWelson) […]
The post Bitcoin Crosses Important Resistance, Bullish Move Incoming? appeared first on BeInCrypto.
The total crypto market cap is slowly climbing higher and it recently broke the $260. 0B resistance. Bitcoin price is currently trading in a range near the $10,200 level. EOS price is trading near $4.
The last week was dull and boring. Bitcoin price didn’t move above $10,460 and below $9,950 since hitting them in the middle of last week. Moving into the weekend, this range has only gone tighter.
Ethereum is trading in its narrowest seven-day trading range since April this year Technical analysis suggests a move towards the $200.00 level is increasingly likely Sizeable bullish falling wedge pattern seen on the four-hour time frame Ethereum is poised for a major technical breakout, as the second largest cryptocurrency trades in its narrowest seven-day trading […]
The post Ethereum Price Analysis ETH / USD: Aiming High appeared first on Crypto Briefing.
Although most coins are still staggered, Ethereum Classic, Basic Attention Token, and Ravencoin still posted strong gains. Do the indicators suggest their prices will keep rising? Ethereum Classic On June 3, Ethereum Classic hit a yearly high of $9.
Dow Jones Industrial Average (DJIA) futures collapsed in early trading Monday, falling more than 200 points. The move comes on a trifecta of bad news for global stock markets. Goldman Sachs issued a recession warning, China continued to hold the yuan at weak levels, and Treasury bonds plunged overnight.
The weekend has been largely bearish for bitcoin price as it dumped 6% after a long period of consolidation. The move dropped BTC back to support, keeping it range-bound, but the weekly candle close has been the best since early 2018.
Bitcoin has extended its gains in the last 24 hours. This has seen the digital asset climb above $12K and further set a high of $12,200. The climb above $12K came after a spike in prices in a matter of minutes earlier in the morning.
Bitcoin has been having a great so far, but it looks like it may go up even more soon. This year, the crypto has gone up 11%. During the whole year, the token has gone up over 200%. When you compare to it to traditional stocks, you can see just how high this is. A […]
Another day rolls by on crypto markets and the momentum is still elusive. Bitcoin and its brethren have crept up marginally in price but most are still range-bound as the consolidation continues.
In a largely predicted move, Bitcoin has fallen back below five figures once again. Even more predictable is the altcoin action as they too are all in the red during this morning’s trading session.
Bitcoin price failed to continue above the $10,200 resistance and declined recently against the US Dollar. The price traded below the $10,000 and $9,800 support levels to move back in a bearish zone.
BSV /USD Medium-term Trend: Bearish Resistance Levels: $250, $275, $300 Support Levels: $225, $200, $175 Yesterday, July 22, the price of BSV was in a bullish trend as the crypto made an upward move toward the EOS.
ETH/USD Medium-term Trend: Bearish Resistance Levels: $280, $300, $280 Support Levels: $200, $180, $160 Yesterday, July 18, the price of Ethereum was in a bullish trend. The bears temporarily suspended the bearish move as the bulls took control of price at the $200 support level. On the upside, if the $200 support level is […]
Back in the middle of May, The CEO of Berkshire Hathaway, Waffen Buffett made the news headlines in a big way thanks to his rather lavish spending in the pool of Amazon Equities. As of May 15th, Berkshire Hathaway officially added an extensive amount of Amazon stock to its portfolio for the very first time. […]
On the upside, if the $200 support level is holding and the crypto’s price is rising to break above the EMAs and retest the $320 and $340 resistance levels. On the other hand, if the bulls fail to break above the EMAs, the crypto will resume a range bound move below the EMAs. ETH/USD Medium-term […]
ETH price declined heavily and broke the $220 and $210 support levels against the US Dollar. The price is down around 15% and it even broke the $200 support area to move into a bearish zone. There is a key bearish trend line forming with resistance near $210 on the hourly chart of ETH/USD (data.
Overnight, within merely hours, the valuation of the crypto market dropped by $28 billion as major assets in the likes of Ethereum and Litecoin fell in the range of 11 to 15 percent. Analysts have largely attributed the correction to a technical move given the 200 percent year-to-date gain of bitcoin since January.
When the cat is away, the mice come out to play. As the global economy is muddled with concerns surrounding trade wars, interest rate movements, and global governance dilemmas, the cryptocurrency world is enjoying a parabolic move.
In a move that will undoubtedly ruffle Elon Musk’s feathers, Jeff Bezos is applying to launch roughly 3,200 low-orbit satellites, according to a report in Bloomberg. The “Kiuper” project is expected to cost many billions of dollars, with the goal to provide fast and accessible broadband to the masses – precisely what Musk’s SpaceX’s Starlink wants […]
The post Jeff Bezos to Launch Internet Satellites in Shadow of Elon Musk appeared first on CCN Markets
EOS price declined heavily and settled below the $6. 200 and $6. 000 support levels. EOS could continue to move down considering there is an increase in selling pressure on bitcoin, ETH, XRP and litecoin.
From the Fibonacci tool, on June 27, the crypto’s price fell to the support of the 0. 382 Fib. retracement level. On the upside, the bulls are likely to make an upward move to retest or break the $250 resistance level.
From the Fibonacci retracement level, the bears have broken the Fibonacci continuation zones of 0. 236 and 0. 382 Fib. retracement levels. On the upside, if the 26-day EMA support levels hold, the bulls will make an upward move to retest the $14,000 price level.
The bitcoin price carved out a new 2019 high on Sunday, piercing above $11,200. The parabolic rally marks a 250 percent recovery from the lows of October 2018. But this price rally is missing one thing: retail investors.
Co-founder and Chief Executive Officer (CEO) of Real Vision, Raoul Pal has expressed optimism about the future of cryptocurrencies in the financial sector. The renowned financial expert has predicted that the crypto industry would experience massive adoption rates, surpassing even that of the internet.
Real Vision CEO and co-founder has predicted that Ethereum is set to begin a 300% rally. Pal has always been a staunch advocate of the cryptocurrency and numerous times has he made his stance on the digital asset clear.
Shares of tech giants Microsoft and Apple fell 4. 71 percent and 6. 89 percent, respectively, in October. MicroStrategy’s (MSTR) stock rose 11. 3 percent over the same period and has climbed alongside the company’s decision to move 75 percent of its cash reserves into leading cryptocurrency bitcoin.
If it seems like more investors are jumping on the bitcoin train with the price now trading above $13,000, it’s probably because they are. The BTC price touched a new high for the year at $13,500 on Oct.
Cryptocurrency markets have been fluctuating quite a bit lately, as bitcoin and a number of crypto assets have been testing new resistance levels. The market valuation of the entire crypto-economy is hovering around $360 billion as a decent portion of the top twenty digital assets have gained 1-15% in the last 24 hours.
It’s been an explosive past 24 hours for Bitcoin and the cryptocurrency market. After building bullish momentum for the past seven weeks, BTC finally broke past $10,000 today, posting a more than 170% gain since the $3,700 lows of March.
